{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 75,
  "pageCount": 334,
  "prevPage": 74,
  "nextPage": 76,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 72,
  "notes": "The slide uses financial ratios to expose a contradiction between the company's 'fab-lite' narrative and its actual cash flow efficiency.",
  "elementsJson": [
    "paragraph",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/75",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-75",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Each dollar of revenue at Lasertec similarly produces far less cash than its peers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7c-87ee6920a154",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Cash Flow as Percent of Revenue: 13%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7c-8ead937a77dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "most of our production is outsourced to third parties under [a] fab-lite strategy. — Lasertec",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7c-89d01673aec0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.07,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80db690e-2967-4357-8aba-39a65f5ee1c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.86,
        "x": 0.07,
        "y": 0.67
      },
      "kind": "table",
      "text": "Operating Cash Flow as Percent of Assets table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f726fa2-5bd6-4228-9de1-a7fd041848bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.86,
        "x": 0.07,
        "y": 0.44
      },
      "kind": "table",
      "text": "Operating Cash Flow as Percent of Revenue table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45109620-295e-49b3-a16f-1d1a8105157a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.4
      },
      "kind": "title",
      "text": "Lasertec operating cash margin and cash return on assets versus largest semicap equipment companies",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c07380fb-8d88-4708-b03d-3c85cd61553f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "Other cash flow-based ratios are also useful in assessing quality of earnings – and confirm the problem at Lasertec.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb67ac40-d88f-4186-86b7-bd2b809ebea5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "80694972-e9fc-4b5b-936d-1687b936007d",
      "evidence": "Contrasts company's 'fab-lite' claim with actual low cash return on assets compared to peers.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 11,
      "beatId": "7e31b42d-7913-4bdc-94a9-6f7195daecb2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck presents numerous slides exposing alleged contradictions and flaws in Lasertec's products and financials.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 80,
      "from": 60,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6e61ad7c-bb6d-4d17-b94f-80ca98ebf1a8",
      "evidence": "The deck presents a series of slides highlighting the potential risks and consequences of not acting on Lasertec's alleged fraud.",
      "position": 1,
      "objective": "To highlight the risks of not acting on Lasertec's alleged fraud",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}